It's easy to spot a successful business. It's the one that routinely schedules strategic planning sessions.

Your marriage is more important than any business, yet it's possible you and your spouse have never scheduled a strategy session to work on your financial future. Not surprising. It is a rare couple that ever discusses finances in a meaningful way.

Not what you think

Money is a subject routinely avoided by most couples mostly because no one knows what to say. And when they try, it seems like they don't even speak the same language. No one knows how to get started. Or they know it's just going to turn into an ugly blame game that escalates into another fight. If that's what "discussing finances" means to you, relax. That's not it. There is a better way.

Make a date

Once a year you need to schedule a simple financial strategy session that has a specific purpose. You need to discover in writing three things: where you've been, where you are and where you're going. This is a session you schedule ahead of time. Think of it as a date. Write it on the calendar. Block out a couple of hours.

Your net worth

You can take care of all three objectives by doing just one thing: Creating a personal net worth statement. Net worth is simply the difference between what you own and what you owe.

A net worth statement is like a snapshot that shows a financial situation at a certain point in time. Simply put, it shows how much money would be left if everything you own was converted into cash and used to pay off all debts.

What you own

First make a list of all your assets, even those that are not fully paid for like your home or cars. Assign a reasonable value to each item and then add up the values so you have one total for assets.

What you owe

Next, make a current list of all your debts or liabilities. List everything owed to everyone as of the end of this month. This is the total of your liabilities.

Net worth

Last, subtract your liabilities from your assets. Congratulations! You have now computed your net worth. Even if you have a negative net worth, still congratulations because you did it. You faced the truth.

The same language

Without a tangible representation of your financial situation you and your spouse could easily get into that 'different language' thing. That's because men and women just think differently. Sticking to the facts of what's written in black and white leaves little room for "private interpretation." Now the door is opened to meaningful communication.

Look at your net worth statement again. Lock eyeballs with the liabilities. What if you were to decrease one of them by just $10, what would happen to your net worth? It would increase proportionately. What if you paid off all your credit card debt? Wow, that could make a remarkable difference.

Let your minds go wild with all kinds of "if ... then" scenarios. " If we cancel cable TV, then we can reduce the debt by another $35 a month," or "If I work 4 hours overtime a week, then ..." Write down all of your ideas no matter how far out or seemingly impossible. Decide on one or two you can put into practice right away and then do it!

Every household, regardless of marital status should calculate its net worth, at least annually. Whether single or married, old or young, anyone with an income and an interest in building a strong financial future needs a current net worth statement.

There's an emotional pay-off for this very important exercise. Knowing the truth puts fear to rest and that opens the way for optimism and excitement about the future!

Find out more about Mary Hunt